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Your superannuation balance at retirement may influence how comfortable your retirement is. It is important that you manage your superannuation throughout your working life. If you act now, you may have a more comfortable retirement. Here are some steps that might help. Set up a myGov account With a myGov account, it’s easy to manage your super. You can use your myGov account to: Check whether your employer is paying your…

Draw a flow chart of the services you can access through myGov and what information and services you can access by linking to the Australian Taxation Office. List the advantages of being able to access government services online. Why is it important that you protect your myGov account information and never share your myGov sign in details with anybody else, including tax agents? Go to the ATO website and search 'Create a myGov…

myGov is a simple and secure platform that allows you to link and access government services online in one place. What services you can I access? Here are just some of the services you can link to your myGov account: Australian Taxation Office (ATO) Workforce Australia Centrelink Medicare My Health Records National Disability Insurance Scheme Receive secure messages Your myGov Inbox keeps the messages from your linked services…

Part 1: Calculating superannuationMoneysmart has a tool that you can use to calculate the amount of super that should have been paid by your employer into your super fund each pay. Use the employer contributions calculator to find out how much superannuation that should have been paid for Alex, Bin and Suzie.Super details Alex – 15 years of age, worked 20 hoursBin – 21 years of age -worked 38 hours full-timeSuzie – 16 years of age – Worked…

Print one copy for every 6 students, cut into individual cards and distribute one set to each group. Healthcare policy No Decision Satisfaction Cost 1. Free healthcare for all. +10 -7 2. Subsidise healthcare for all. +8 -5 3. Subsidise healthcare based on need. +5 -2 4. Don’t subsidise healthcare – user pays. 1 0…

Part 1: Saving to achieve goals Dev is a 25-year-old business consultant and earns a disposable income of $80,000 a year. His expenses for the year are $65,000. This includes his entertainment costs of about $10,000 a year. Dev has lots of items on his wish list, including overseas travel in the next 12 months and having the deposit to buy a home in the next 5 years. He estimates that his overseas travel will cost him about $20,000 and he will…

How to manage financial shocks Everyone is at risk of experiencing a sudden financial shock, even young people. You get sick and can’t work, you lose your job, your phone needs to be replaced, you receive a higher phone bill than expected, you receive a fine — there are endless scenarios. If you don’t have a savings buffer to fall back on when these unexpected events occur, you will have to borrow money from someone you know, or as you grow…

Read the information and then answer the questions in your workbooks. Refer to Managing financial shocks – Explainer. Meet Noah Noah’s current situation Noah is a year 9 student with a casual job at a local café. He has a tendency to spend all of his earnings and does not have any savings. Last month he borrowed money from his parents to purchase a new mobile phone. He has promised to pay $40 each month to pay back the debt. He is locked…